Market NEWS: The degaussing system
market is estimated to be USD 809.7 million in 2018 and is projected to reach
USD 981.2 million by 2023, at a CAGR of 3.92% from 2018 to 2023
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According
to the new market research report on "Degaussing
System Market by Solution (Degaussing, Ranging, Deperming), End User (OEM,
Services, Aftermarket), Vessel Type (MCMV, OPV, FAC, Submarines, Frigates,
Corvettes, Destroyers, Aircraft Carriers, Amphibious), and Region - Global
Forecast to 2023",. Factors such as increasing importance of degaussing
system in naval warfare, technological advancement in degaussing equipment, and
increasing defense budgets are driving the degaussing system market.
Browse 93 market data Tables and 38
Figures spread through 138 Pages and in-depth TOC on "Degaussing System
Market - Global Forecast to 2023"
Early
buyers will receive 10% customization on reports.
Based
on end user, the OEM segment is projected to grow at the highest CAGR during
the forecast period.
Based
on end user, the OEM segment of the degaussing system market is projected to grow
at the highest CAGR from 2018 to 2023. This growth can be attributed to the
rise in the delivery of new ships worldwide.
Based
on vessel type, the submarines segment is estimated to lead the degaussing
system market in 2018.
Based
on vessel type, the submarines segment
is estimated to lead the degaussing system market in 2018. The growth of the
submarines segment can be attributed to the need to protect submarines from
enemy mines placed underwater by carrying out degaussing activities to
completely demagnetize their magnetic signatures.
Based
on solution, the ranging segment is expected to witness the highest growth
during the forecast period.
Based
on solution, the ranging segment of the degaussing system market is projected
to grow at the highest CAGR during the forecast period. The growth of the
degaussing segment is primarily driven by the increasing adoption of this
systems in new and old vessels to protect them from enemy mines.
The
degaussing system market in North America is expected to witness the highest
growth during the forecast period.
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The
degaussing system market in North America is projected to grow at the highest
CAGR from 2018 to 2023 The rise in defense spending in North America is one of
the most significant factors contributing to the increased demand for
degaussing systems in the region. In addition, need to protect combat and
surface vessels from new and leftover enemy mines are additional factors
driving the degaussing system market in North America.
Based
on end user, the market has been segmented into OEM, services, and aftermarket.
Based on solution, the degaussing system market has been segmented into
ranging, degaussing, and deperming. The degaussing solution segment is
projected to lead the degaussing system market during the forecast period.
Based on offering, the ranging solution segment of the degaussing system market
has been classified into onboard and fixed. The onboard subsegment of the
ranging solution segment of the market has been classified into the following
products, which include transmitted data buoys, coils, magnetometers, software,
monitor, and aerial ranging devices. Based on offering, the degaussing solution
segment of the market has been classified into products and services. The
products subsegment of the degaussing solution segment of the market has been
further classified into hardware (which includes degaussing coil units,
degaussing control units, bipolar amplifiers, DC generators, conductors, course
monitor units, magnetometers, compass compensating equipment) and software. The
deperming solution segment of the degaussing system market includes services
such as deperming of surface vessels and submarines to reduce their permanent
magnetism.
Major companies profiled in the
degaussing system market report include L&T (India), Polyamp (Sweden),
ECA (France), Ultra Electronic (UK),
Ifen SpA (Italy), Dayatech Merin (Malaysia), AMSC (US), STL System AG (Switzerland),
and Surma LTD. (Switzerland), among others.
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Asia
Pacific is the largest market for degaussing system. Territorial disputes in
the South China Sea has led to the increased procurement of advanced degaussing
systems in this region. The polarization of military power along the East and
West coast of the Pacific Ocean and the Asia Pacific region has led to
increased defense spending on the modernization of defense equipment to
strengthen the protection of naval vessels. The need to modernize naval fleets
has contributed to the integration and development of degaussing systems in
Asia Pacific countries, thereby driving the growth of the degaussing system
market in this region. China, South Korea, and Japan are the key markets for
degaussing systems in the Asia Pacific region.
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